Cash Flow

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash Flows from Operating Activities    
Net loss $ (12,409,866) $ (12,974,799)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 134,084 132,077
Amortization of deferred financing costs and debt issuance costs 218,827
Amortization of held to maturity investment premium 32,733
Stock based compensation 689,130 582,630
Change in fair value of contingent consideration 224,289
Increase (decrease) in cash arising from changes in assets and liabilities:    
Accounts receivable 67,767 (82,440)
Prepaid expenses and other current assets (1,525,306) 532,872
Related party receivable (45,000)
Deferred financing costs (30,000)
Accounts payable (175,901) (1,690,048)
Deferred revenue 7,026,388
Deferred tax liability (809,540)
Accrued expenses and other liabilities 806,158 (542,255)
Other long-term liabilities (300,875) 311,686
Net Cash Used in Operating Activities (6,303,672) (13,523,717)
Cash Flows from Investing Activities    
Proceeds from maturities of short-term investments 6,656,910
Purchase of Pelican, net (468,801)
Purchase of property and equipment (61,383) (45,936)
Net Cash Used in Investing Activities (530,184) 6,610,974
Cash Flows from Financing Activities    
Proceeds from public offerings, net of underwriting discounts 6,629,979 6,287,250
Proceeds from the issuance of common stock, net of commissions 2,463,180 7,082,526
Proceeds from the exercise of warrants   3,863,429
Stock issuance costs (324,654) (488,585)
Payments on long term debt (6,941,821)
Net Cash Provided by Financing Activities 8,768,505 9,802,799
Effect of exchange rate changes on cash and cash equivalents (14,249) 12,656
Net Increase in Cash and Cash Equivalents 1,920,400 2,902,712
Cash and Cash Equivalents - Beginning of Period 7,842,667 4,939,955
Cash and Cash Equivalents - End of Period 9,763,067 7,842,667
Supplemental Disclosure for Cash Flow Information    
Contingent consideration 2,385,000
Issuance of common stock for purchase of Pelican 1,052,000
Interest paid $ 330,576

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